New Issue: Bank of Montreal prices $500,000 five-year redeemable step-up notes

By Angela McDaniels

Tacoma, Wash., Sept. 29 – Bank of Montreal priced $500,000 of redeemable step-up coupon notes due Sept. 30, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 2% in year one, 2.15% in year two, 2.25% in year three, 2.5% in year four, 3% in year five, 3.25% in year six, 3.5% in year seven, 3.75% in year eight, 4.5% in year nine and 5.5% in year 10. Interest is payable semiannually.

The payout at maturity will be par.

Beginning Sept. 30, 2015, the notes are redeemable on any interest payment date at par.

BMO Capital Markets Corp. is the agent.

Issuer:	Bank of Montreal
Issue:	Redeemable step-up coupon notes
Amount:	$500,000
Maturity:	Sept. 30, 2024
Coupon:	2% in year one, 2.15% in year two, 2.25% in year three, 2.5% in year four, 3% in year five, 3.25% in year six, 3.5% in year seven, 3.75% in year eight, 4.5% in year nine and 5.5% in year 10; payable semiannually
Price:	Variable prices
Payout at maturity:	Par
Call option:	At par on any interest payment date beginning Sept. 30, 2015
Pricing date:	Sept. 25
Settlement date:	Sept. 30
Agent:	BMO Capital Markets Corp.
Fees:	1.25%
Cusip:	06366RWT8

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